In the daily time frame chart, the Frog-themed pepe coin shows a V-shaped recovery from the combined support of $0.00000105 and 78.6% Fibonacci retracement level. This bullish upswing is likely associated with the formation of a bullish reversal pattern called an ending diagonal. The rising price recently breached a local resistance of $0.00000131 indicating the potential for higher gains.
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Pepe coin Price Daily Chart
- A bullish breakout from the $0.00000131 resistance set the PEPE price for a 14.2% rally
- The coin price trading above the 4-hour EMAs(20, 50, 100, and, 200) reflects the short-term trend as bullish
- The 24-hour trading volume in the Pepecoin coin is $107.5 Million, indicating a 42.5 % loss.
Source- Tradingview
On August 8th, the Pepe coin price gave a decisive breakdown from the resistance trendline falling wedge pattern. The breakout intensified the buying momentum and pushed the prices 13.6% higher in the last four days.
Amid this rally, the buyers gave a high momentum breakout from the local resistance of $0.00000131. By the press time, the PEPE price trades at $0.00000132 and may see a pullback to retest the breached barrier.
If the coin price shows sustainability above $0.00000131 flipped support, the buyers may continue with the path of a wedge pattern. With sustained buying, the Pepecoin price should rise 16.2% to hit $0.00000155.
Will Pepe coin Witness a Pullback?
The 4-hour time frame chart shows multi-higher wick rejection candles near the $0.00000135 barrier. This overhead supply would trigger a significant pullback which may assist buyers to recuperate exhausted bullish momentum. However, if the minor downtick sustains above the $0.00000129 midpoints of the August 12th daily candle, the bullish thesis will remain aggressive.
- Fibonacci Retracement Level: The pepecoin price correction found a suitable support level of 78.6%. FIB level
- Relative Strength Index: The RSI slope above 70% reflects a high momentum uptrend.
